Daily limit: 0/10
Terri Belkas-Mitchell Secures $50.3M Construction Loan From Webster Bank For Development Site In Brooklyn
FINANCED
$50,300,000
New York
See Similar DealsDevelopment Site
Financed
FINANCED
Terri Belkas-Mitchell Secures $50.3M Construction Loan From Webster Bank For Development Site In Brooklyn
1546 East New York Avenue
See Similar DealsDevelopment Site
Financed
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A construction loan of $50,300,000 has been secured for a development site located at 1546 East New York Avenue in Brownsville, Brooklyn. The asset involves a planned 95-unit residential project spanning an area of 85,059 square feet. The loan was provided by Webster Bank, with plans filed on March 12, 2025, although the project has not yet received permits.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,300,000
- Lender: Webster Bank
- Landlord: Terri Belkas-Mitchell - Xenolith Partners
Xenolith Partners, through 1546 Eny Housing Development Fund Company Inc., is overseeing the development project. The involvement of Terri Belkas-Mitchell as the landlord highlights key leadership in the execution of this significant venture.
Players
LENDER
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,300,000.00
Monthly NOI$335,333.33
Monthly Debt Service$317,930.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions